I hope you had a wonderful holidays and wish you a happy and prosperous 2017!
Despite the seasonal slow down in the Cedar Park Real Estate market during December, there was a slight upward move in the median price of the houses sold. For the 2016 year as a whole there was a 5.3% median price appreciation. However, there was a 5% decrease in the number of houses sold. The most active part of the market is $200K - $500K price range as majority of the houses sold and those currently in the market for sale, fall into that category.
City of Cedar Park is on a long term path, the 2014 Cedar Park planning document has identified several areas around the city, totaling 1130 acres, as future residential development areas. However, compared to the neighboring city of Leander, Cedar Park has a slower growth. During 2016 only 164 new residential houses were built in Cedar Park compared to 522 in Leander. Although movement of new people into the area continues to create demand and the median price continues to appreciate, most of the sales activity in Cedar Park is from existing homes and majority of the new homes are built in the neighboring communities.
Real Estate transactions slow down during the winter months which create a perfect window for reflection on possible moves in the coming year. Start of the 2017 brings signs of an increasing trend in interest rates that could impact your plans. For a typical $300K loan an slight increase in rates, from %4 to %4.25, increases the monthly payments by $44 and by $15,700 over the 30 years life of the loan. Although nothing is certain about the future interest rates, it is wise to consult a lender or mortgage broker about the current rates and the impact of any future increase on your specific situation.
The Cedar Park single-family home sales during December 2016 is summarized below. All comparisons are relative to December 2015.
You can explore details of all the 107 Cedar Park home sales in December below.
If you plan to move, you need to know the value of your home right now. You can find this out in two easy ways:
- Go to the website I created specifically for this purpose at: www.myCedarParkPropertyWorth.com
- Text 52388 to (888)264-1910, to receive your property valuation
I hope you find this helpful. Referral is a big part of my business and as always I appreciate your consideration in referring any friends, family, or colleagues my way. Thank you for supporting me and my business endeavors. Please don't hesitate to ask me questions about real estate, your desired neighborhoods, or your house value!
Wishing you a happy and prosperous 2017!